FCA chief rebuffs governance concerns over ‘Aramco rules’

Andrew Bailey responds to City and political concerns that new listing rules could weaken governance standards

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By

Vivek Ahuja

October 13, 2017 Updated: 6:02 p.m. GMT

The head of the Financial Conduct Authority has rebuffed concerns that the introduction of new listing rules for sovereign-controlled firms – widely seen as an attempt to lure the world's biggest ever flotation – would weaken investor protection and harm London's leading reputation for governance.

Nicky Morgan, who heads the Treasury Committee, and Rachel Reeves, her counterpart at the Business, Energy and Industrial Strategy Committee, last month wrote to FCA chief executive Andrew Bailey asking for an explanation about the...